CoStar sells stock to fund LoopNet acquisition CoStar Group Inc. plans to sell 3.75 million shares of its common stock and use the proceeds to help fund its $860 million acquisition of San Francisco competitor LoopNet Inc.
CoStar, a D.C. provider of commercial real estate data, said it had granted underwriters in the offering a 30-day option to purchase up to an additional 562,500 shares of its common stock.
Based on CoStar’s Monday closing stock price of $64.60 a share, the sale could generate gross proceeds of $242 million.
Global Telecom plans to buy British firm
Global Telecom & Technology Inc. said it would acquire privately held British firm PacketExchange Ltd. for up to $20 million in cash and assumed debt.
The McLean communications carrier and network integrator said PacketExchange serves about 500 customers with network assets throughout the U.S., Europe and Asia and generates more than $20 million in annual revenue. The acquisition is expected to close by the end of the second quarter.
